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Noble Corp Secures Contracts For Two Ultra-Deepwater Drillships


Thursday, 18 Apr 2013 08:00am EDT 

Noble Corp announced that the Company has entered into two three-year term drilling contracts with Plains Exploration & Production Company for the Noble Sam Croftand the Noble Tom Madden, two of Noble's new ultra-deepwater drillships currently under construction at the Hyundai Heavy Industries Co. Ltd. (HHI) shipyard in Ulsan, South Korea. The drillships, which are being constructed on a fixed price basis, are expected to be utilized for operations primarily in the U.S. Gulf of Mexico under these contracts. The Noble Sam Croftis expected to be delivered in the second quarter of 2014, followed closely by the Noble Tom Madden, which is expected to be delivered in second half of 2014. The contracts are expected to commence following mobilization to the U.S. Gulf of Mexico and customer acceptance. Revenues to be generated over the three-year terms are expected to total approximately $693 million per rig, including mobilization fees, representing in excess of $1.3 billion in total potential backlog. With the award of contracts for these two units, all four ultra-deepwater drillships under construction for Noble at HHI are now under contract. 

Company Quote

33.04
0.45 +1.38%
22 Jul 2014